CME Group head-to-head in Bitcoin Futures race

The bitcoin futures race intensified this Sunday, as the world’s largest exchange provider, the CME Group in Chicago, successfully launched their Bitcoin futures contracts.

After taking the lead last week, and securing itself a whole week of exclusivity in trading bitcoin futures, the Cboe options exchange, which was first to launch the contracts, now has stiff competition.

According to the Financial Times, $50m in bitcoin futures changed hands on CME exchange within the first three hours of trading. Their competitor Cboe had facilitated for $30m in bitcoin futures trading over the same time.

The CME group prices its bitcoin futures contracts on trading information from four bitcoin exchanges — GDAX, Bitstamp, Kraken, and itBit, whilst Cboe’s are gathered from the Gemini Exchange.

On the CME launch day, Bitcoin came close to the $20,000 landmark, with many indexes reaching $19,800 per BTC. Since then, Bitcoin bounced back after 4pc drop when it dipped as low as $17,925 across many exchanges, but has now recovered back to the $19,000 price mark.

GDAX Bitcoin 19k

 

Disclaimer: This article is for information and entertainment purposes only and should never be construed as investment or trading advice. Bitcoin and other cryptocurrencies can be extremely volatile and you should always do your due diligence and research on the topic, utility, product or service and legal and regulatory requirements before deciding to invest. We do not take any responsibility for possible losses you may incur.



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